FTC Sends Nearly $62 Million in Refunds to Sellers Deceived by Online Real Estate Listing Service Opendoor Labs

The Federal Trade Commission is sending nearly $62 million in refunds to sellers deceived by advertising and marketing claims made by online real estate business Opendoor Labs, Inc.

According to the FTC’s August 2022 complaint, Opendoor cheated home sellers by tricking them into thinking that they could make more money selling their home to Opendoor than on the open market using the traditional sales process while saving them money on costs.

The FTC alleged that Opendoor pitched potential sellers using misleading and deceptive information. In reality, most people who sold to Opendoor made thousands of dollars less than they would have made selling their homes using the traditional process and many paid more in costs than what sellers typically pay. Under a final administrative order, Opendoor agreed to pay monetary relief and stop its deceptive tactics.

The FTC is sending checks to 54,689 consumers. Recipients should cash their checks within 90 days, as indicated on the check. Consumers who have questions about their payment should contact the refund administrator, Epiq Systems, at 1-888-546-2054 or visit the FTC website to view frequently asked questions about the refund process. The Commission never requires people to pay money or provide account information to get a refund.

The Commission’s interactive dashboards for refund data provide a state-by-state breakdown of refunds in FTC cases. In 2023, FTC actions led to more than $324 million in refunds to consumers across the country. 

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